How a Novated Lease Benefits You Financially

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When you hear about the perks of a novated lease, you might wonder how it can benefit you. The process is simple enough, but do you really get anything out of it you won’t get on your own if you buy your own car without going through the novated lease process? You do, and the benefits are overwhelming. If you’re unsure whether a novated lease is right for you, it’s time to take into account the many benefits and how they work for you.

All Your Expenses are Rounded into One Payment

Unlike a traditional purchase, all the expenses associated with your Novated Lease Stratton Finance are made in one payment. Your expenses regarding care for your vehicle, maintenance on your vehicle, and your lease payment are all made in one payment each month. It’s a more affordable way to make a vehicle purchase as it allows you to see what the overall cost of the vehicle is before you commit to ownership of the vehicle.

Your Payments Are Always Made on Time

With a novated lease, your employer is the one making the payments. These payments come from your income, but your employer is the one taking the money for your novated lease out of your income before you ever see it. This means it will never be used for anything other than making your lease payment. You’ll never miss a payment. You’ll never fall behind on a payment. It helps your credit to go through this process, which is a significant benefit for anyone struggling with this financial situation.

You Save Money

Buying a car doesn’t sound a lot like saving money, but that’s what happens when you go through with a lease like this. Part of the money used to make your purchase comes from your pre-tax income. This means your taxable income is lower, and you’re saving money on your taxes as a result. The entire novated lease payment is not made with pre-tax income, but a significant portion of it is. You get to save money and drive a new car. Those are significant benefits.

When you go through with a lease of this nature, you get to own the car yourself. It’s not in your employer’s name. it’s not a company car. It’s a personal car just for you, and it’s yours to drive when and where you want. There are no limitations on your ownership. It’s just an agreement your employer makes to help you purchase a new car.